ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / ECONOMY & WORK

Richard Branson, a renowned risk taker, reveals the worst career advice he ever received

Branson, who has a net worth of $2.6 billion, per Forbes, built his career and fortune from the Virgin Group.
PUBLISHED JUL 7, 2024
Cover Image Source:  Sir Richard Branson | Getty Images | Roberto Finizio
Cover Image Source: Sir Richard Branson | Getty Images | Roberto Finizio

Career advice can make a huge difference in your life. However, not all of it is gold. Bilionaire Richard Branson feels that there's something to learn from even the worst advice like having the courage to do the exact opposite. In a recent episode of "Work Life with Adam Grant" podcast, the entrepreneur said that the worst advice he ever got was "do what you know". He then goes on to say how the most successful businesses that he has started were in the industries where he was not an expert.

“Most of my successful businesses were in industries where I had no industry experience at all,” he said.

Grant, a Wharton organizational psychologist, tells Branson that people who tend to stay in a single field sometimes develop "cognitive entrenchment," instead "when you’re fresh to an industry, from the outside, you get that ability to see what’s taken for granted and challenge it," Grant tells Branson in the episode.

Branson, who has a net worth of $2.6 billion, per Forbes, built his fortune from the Virgin Group, which is a venture capital and holding company. The company started over 50 years ago as a Record company, Virgin Records, and later entered sectors ranging from airlines and hotels to media and spaceflight.

 Sir Richard Branson | Virgin Hotels New York | John Lamparski/Getty Images
Sir Richard Branson | Virgin Hotels New York | John Lamparski/Getty Images

According to Branson, he never felt limited by conventional wisdom in general or by labels. He finds it insulting to be introduced as a billionaire as he sees himself only as a businessperson or entrepreneur. Branson says this mentality has helped him focus on the quality of ideas rather than their earning potential. He defines himself primarily as "somebody who loves to create things that I can be proud of".

"If I was a pure businessman, then I would never have decided to go into space," Branson said. He reads books that shape his worldview and helps him prosper. According to him, books like "Just Mercy" by Bryan Stevenson, "The Dice Man" by Luke Rhinehart (aka George Cockcroft), "Start With Why" by Simon Sinek, and "I Am a Girl From Africa" by Elizabeth Nyamayaro are some of the books that businessmen should read to gain perspective. 



 

Branson, who had his eyes set on the entrepreneurship world, was born to a barrister and former ballet dancer in Blackheath, southeast London, where he went to the Stowe School. He was an average kid in school. He also suffered from dyslexia and ADHD and on his last day at school, his headmaster told him that he would either end up in prison or become a successful rich man.

Branson left school at 16 and started his first business, a student magazine, which eventually made him some money. Around this time, he also started a record mail-order business which he advertised in his magazine, and saw his sales soar. Branson later used this money and started Virgin Records in 1972, signing big names like Rolling Stones and UB40.

 Sir Richard Branson | Josh Brasted/Getty Images
Sir Richard Branson | Josh Brasted/Getty Images

Today, there are more than 40 Virgin companies that operate in around 35 countries. While some like Virgin Cola, Virgin Vodka, and Virgin Clothing have failed, most of them have made enough money. Now, Branson is competing with other billionaires like Elon Musk and Jeff Bezos in the space race after he founded Virgin Orbit in 2017 and Virgin Galactic in 2004. "I see myself as somebody who loves to create things...I’ve never thought of going into these businesses with the thought of making lots of money," he once said.

MORE ON MARKET REALIST
You need to look for the series date located on the right of the photograph of George Washington.
16 hours ago
Winfrey assured him that it isn't too expensive saying that it costs only about "a hundred something" dollars.
2 days ago
The shiny blue suitcase itself made up for the investment and she made more startling discoveries.
2 days ago
Many took to the comment section and talked about the situation, with some saying that it was no big deal.
3 days ago
The traveller took to X to share the screenshots of the apps showing the price difference.
4 days ago
Getting struck by lightning and then surviving to win a lottery worth $1 million is next to impossible.
5 days ago
When the bill came, the group of four was shocked and their reactions were captured in a TikTok video which now has over 8.8 million views.
5 days ago
Parcells wrote the checks worth millions and never even asked the players to pay the money back.
5 days ago
The way he lived and his chosen career path never gave anything away about his investments.
6 days ago
She also recommended taking time before responding to messages to gauge the person's real intentions.
6 days ago
The revolutionary new ad-tech startup STIC has officially launched, enabling everyday drivers to turn their vehicles into rolling billboards and earn extra income with each mile.
7 days ago
Apart from the discounts, Walmart also announced changes to delivery timings and updates on an AI assistant.
Nov 2, 2024
People will receive a share of the massive settlement based on the number of bars that they bought between the given dates.
Nov 2, 2024
The expert that Harrison consulted gave valuations that were closer to what the seller was asking for.
Nov 2, 2024
O'Leary's comments are backed by data showing how a vast majority of Americans need coffee to kick-start their day.
Nov 1, 2024
The man's wife refused to believe him since she was used to him playing pranks on her.
Oct 29, 2024
When told that his profit margins were low, the innovator said that he was selling the product to farmers.
Oct 29, 2024
The overlay text of the video reads, "Pov: you and your boyfriend accidentally make 20k+ profit reselling SALT on Amazon."
Oct 29, 2024
Although he does plan to take some me time, Richer has no intentions of retiring anytime soon even at 60.
Oct 28, 2024
While Rubush had guessed the word within 10 seconds, the 4-5 second pause she took before saying "WORD" cost her dearly.
Oct 28, 2024